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CALGARY, AB, July 3, 2024 /CNW/ - ACT Energy Technologies Ltd. (TSX: ACX) ("ACT" or the "Company") is pleased to confirm that it has filed articles of amendment to implement the previously announced name change from "Cathedral Energy Services Ltd." to "ACT Energy Technologies Ltd.", and the share consolidation of the Company's common shares on the basis of one (1) post-consolidation common share for every seven (7) pre-consolidation common shares. ACT's common shares are expected to begin trading under its new symbol, "ACX", and on a consolidated basis, on the Toronto Stock Exchange on or about Friday, July 5, 2024. ACT will be launching its new website at www.actenergy.com in connection with the name change and the ticker symbol change.
"The corporate name change and re-brand acknowledges the growth and transformation that our Company has undertaken over the past few years", said Tom Connors, President and CEO of ACT. "ACT conveys a spirit of innovation and our energy and enthusiasm towards providing high-performance solutions for our customers. ACT represents the proactive nature of the organization and culture we are building as we constantly pursue improved ways to deliver our technology and service offering."
Concurrent with the name change, the Company's Canadian operations, which formerly operated as "Cathedral Energy Services", now operate under the name "Altitude Energy Partners". This re-branding of Canadian operations under the Altitude banner provides a seamless identity across all of ACT's North American directional drilling operations. Together, the Altitude operations in Canada and the United States comprise the Company's largest business segment. The motor rental business in the United States will continue to operate as "Discovery Downhole Services" and the engineering and MWD manufacturing division will continue to operate as "Rime Downhole Technologies". Further details regarding the Company's share consolidation and name change are contained in the Company's press release dated June 27, 2024.
ABOUT ACT ENERGY TECHNOLOGIES
ACT Energy Technologies Ltd., based in Calgary, Alberta, Canada, is incorporated under the Business Corporations Act (Alberta). We operate in Canada and in the United States as "Altitude Energy Partners", and in the U.S. under "Discovery Downhole Services" and "Rime Downhole Technologies". ACT's common shares are publicly-traded on the Toronto Stock Exchange under the symbol "ACX". ACT is a trusted partner to North American energy companies requiring high performance directional drilling services and related downhole technologies. We work in partnership with our customers to tailor our equipment and expertise to meet their specific geographical and technical needs. Our experience, technologies and responsive personnel enable our customers to achieve higher efficiencies and lower project costs. For more information, visit www.actenergy.com.